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While weaker Dollar, over vanishing rate hike expectation is providing support for the pair on the upside along with longer term strength due to positive surplus for the Euro region, it may not be sufficient to cheer the pair higher in the very short term.
In fact bears are cheering the dovish comments from key ECB policymakers Ewald Nowotny, president of Bank of Austria, who said that the bank may have to do more as central bank is clearly missing its objective of below but close to 2% headline inflation rate. According to him, core inflation even failing to show much of a promise.
Euro is likely to remain under pressure in the very near term, given the fact that expectations are rising that European Central Bank (ECB) president Mario Draghi might drop a hint of further easing at next week's policy meeting.
Technically speaking in the short term, Euro has cleared important support against Dollar and seem to be finding bids at rallies.
Trade idea -
- Sell Euro at current price (1.135) against Dollar, targeting 1.112 area and with stop loss around 1.15.
- However there could be some bids around 1.134 area, so one might choose for the pair to clear below 1.133 area. There could be support in 1.124 region.
